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Dec 24, 2012
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we have seen what happens in greece where we are still close to a civil war. naturally, i objected to this policy at the heads of state of government when they were presenting proposals, especially when i have to defend the italian interests. for example, i vetoed and suspended the council heads of state when i was presented with the fiscal impact. this is my position. i could not agree with them when they imposed homework to greece which i was in total disagreement with or when they proposed the token tax which we stupidly adopted. and it is clear that financial transactions will migrate to companies that do not have a total impact. i also disagreed when european banks were ordered to account for the government bonds that they have in their balance sheet at mark to market value and not the nominal value. this has forced italian banks to recapitalize. i do not agree on the fiscal compact. even though i was the only one at the european council meetings with a business background and not just a political one, i felt i had to speak out expressing my position and
we have seen what happens in greece where we are still close to a civil war. naturally, i objected to this policy at the heads of state of government when they were presenting proposals, especially when i have to defend the italian interests. for example, i vetoed and suspended the council heads of state when i was presented with the fiscal impact. this is my position. i could not agree with them when they imposed homework to greece which i was in total disagreement with or when they proposed...
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Dec 11, 2012
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the ghost of christmas yet to come is greece, and now we know that greece is 50% youth unemployment, 25% unemployment throughout the nation. you know, from press stories you see where some of the youth are now having to go to subsistance agriculture because they can't find any sustenance within the major urban areas. now i don't think america's going to become greece but i don't know. i don't want -- >> entitlements, even simpson-bowles lays out this proposal to raise the retirement age by a year. another 30 or 40 years down the road, and that's something that's -- in washington. it's something that none of us would be dealing with. >> i just want to know how we cut it in the next two years. i want it cut now. >> listen, i would be happy to roll -- let's just start out by rolling back the budget to where it was before barack obama took office. i mean we've had a 20% increase in federal spending, when now all of a sudden apparently gdp growth of 1.5% to 2% seems to be the new norm. again, that math doesn't work. it doesn't work. we can get rid of -- we can get rid of ballout funds. >>
the ghost of christmas yet to come is greece, and now we know that greece is 50% youth unemployment, 25% unemployment throughout the nation. you know, from press stories you see where some of the youth are now having to go to subsistance agriculture because they can't find any sustenance within the major urban areas. now i don't think america's going to become greece but i don't know. i don't want -- >> entitlements, even simpson-bowles lays out this proposal to raise the retirement age...
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Dec 10, 2012
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so the top performer is greece, up 24%, and we know how that economy is crashing. the bottom performer, or one of them is china. which even today is down 5% year-to-date, even though it is growing at the rate that it is. what does that mean for 2013? do you get a snapback, or are the central banks driven a big wedge between reality and stock market performance? >> i think that's a great question. you know, i think over the past few years, indeed, china's equities have been pretty week, especially in the asia market as you mentioned. i don't think that's necessarily because of a lot of cyclical disappointment. certainly that hasn't helped. but in reality, i think the earnings have not been so bad until this year, it was actually the valuation that kept seeing further and further compression. i think that's coming from people's concerns about the structural problems in china getting bigger. therefore, whatever level gdp growth was seeing today, or earnings growth, people think it's not sustainable going into the future. in 2013, we don't have any assurances that this
so the top performer is greece, up 24%, and we know how that economy is crashing. the bottom performer, or one of them is china. which even today is down 5% year-to-date, even though it is growing at the rate that it is. what does that mean for 2013? do you get a snapback, or are the central banks driven a big wedge between reality and stock market performance? >> i think that's a great question. you know, i think over the past few years, indeed, china's equities have been pretty week,...
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Dec 7, 2012
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one is greece, one is italy. the developments today are both good from an american investing perspective because they keep a lid on what's happening in those two respects. in greece there was trouble on the streets of athens last night as a result of left-wing protesters and students out and police using tear gas to disperse them as they protested the death of a teenager as a result of a police shooting four years ago, but the more important thing from a market perspective is that in 30 minutes' time now, the book will close on the greek debt buyback. now, remember what's happening here. the greek government is borrowing 10 billion euros from the rest of europe to buy back its own debt at a discount. if it does that successfully, by midday our time when that book closes, then more cash will flow through from the rest of europe, possibly next week it will be able to repay its bills and capitalize on the banks. let's check the close. >> the european markets are closing now. >> so we kind of went nowhere today. a lo
one is greece, one is italy. the developments today are both good from an american investing perspective because they keep a lid on what's happening in those two respects. in greece there was trouble on the streets of athens last night as a result of left-wing protesters and students out and police using tear gas to disperse them as they protested the death of a teenager as a result of a police shooting four years ago, but the more important thing from a market perspective is that in 30...
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Dec 27, 2012
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begin to wonder it may be, just maybe, the worse is finally past, there's some hideous headline out of greece that the comes back with a vengeance and the s&p gets bashed down by a torrent of selling. that's why it's so important to prepare yourself and your stocks for the next catastrophe around the corner. expected or unexpected so that you can make money in any market, or at least lose less and not just when things are going smoothly. you have to build this stuff into what i call your world view. you have to assume that somewhere sometime something will go wrong. i'm not saying you should be a super skeptic permabear, not at all. over the course of my 31-plus years in this business i've seen the averages climb way too way, watch the market make people way too much money to ever be too cynical and close-minded. being negative all the type has not historically been a lucrative strategy, and i don't see any reason why that should change. there are a handful of incredibly professional short sellers, hats off, able to turn pessimism into profits but i don't recommend trying to follow in their f
begin to wonder it may be, just maybe, the worse is finally past, there's some hideous headline out of greece that the comes back with a vengeance and the s&p gets bashed down by a torrent of selling. that's why it's so important to prepare yourself and your stocks for the next catastrophe around the corner. expected or unexpected so that you can make money in any market, or at least lose less and not just when things are going smoothly. you have to build this stuff into what i call your...
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Dec 3, 2012
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i don't really get many questions or have many debates about greece or spain anymore. i think there's definitely a back burner element to what's going on in europe as people focus whether it happens on january 1st or not on the fiscal cliff. >> let me follow up with that real quick. here's the thing -- the greek situation, which was driving the market negativity a few months ago, is the same, roughly, as it was then. but yet we've conveniently forgotten about it because the fiscal cliff. >> i don't think is that people forgot about it. the ecb has gone a long way toward mitigating tail risk across the region, lowering volatility. as intention has increasingly focused on spain and italy, i think people at this point have pretty much written greece off. i think there is still a widespread belief following the german elections that debt burden is going down in the official sector, just a matter of how much. >> gina sanchez, this is live tv of course. good to have you back up and running. we have climbed the wall of worry many, many times. quite often when we climb that wa
i don't really get many questions or have many debates about greece or spain anymore. i think there's definitely a back burner element to what's going on in europe as people focus whether it happens on january 1st or not on the fiscal cliff. >> let me follow up with that real quick. here's the thing -- the greek situation, which was driving the market negativity a few months ago, is the same, roughly, as it was then. but yet we've conveniently forgotten about it because the fiscal cliff....
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Dec 11, 2012
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there is no argument there as there wasn't for greece. we know the countries, italy, greece is in a crisis and it's a crisis due to lack of competitiveness. going back to the currency, under the currency they create a wave of all sorts of problems including inflation and i think it is not a good route. >> well, i do rather agree with paula on this one. the problem with the euro is it gives you easy and quick solutions. and we're going to keep developing your currency. as you go back to the old days where you keep lowering your currency and you pay relatively high rates on your debt. so the appeal of the euro in the beginning was, oh, chief debt. it looked like christmas. now we're discovering that that regime, a ten-year regime where many peripheral countries got hammered. only germany sort of really held it together. now we have to look at how to undo this. for countries who have no ambition about their future, then maybe the policy is the way to go. italy had so many things going for it that falling back, that seems almost -- >> how abo
there is no argument there as there wasn't for greece. we know the countries, italy, greece is in a crisis and it's a crisis due to lack of competitiveness. going back to the currency, under the currency they create a wave of all sorts of problems including inflation and i think it is not a good route. >> well, i do rather agree with paula on this one. the problem with the euro is it gives you easy and quick solutions. and we're going to keep developing your currency. as you go back to...
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Dec 3, 2012
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i think greece is probably too small to view. i think what really bothers me is spain which i think clearly bothers the whole market. the question, a growth going to fall off a cliff or whether it muddle through and a bailout will be sufficient. as you say, we don't know the answer to that question. that remains the tail risk. until we do get close to a resolution, i'm not going to turn massively bullish. >> what's your view on that? >> i think i go along very much with what he's saying. >> what is your view on what happens to spanish growth? >> i think spain has a lot of problems at the moment. it's not seeing a lot in the domestic market. not seeing it move toward an export. in which case spanish growth is going to be very, very weak for some time to come. >> all right. good to see you. thanks very much. alan will stick around. time to bring you today's global markets report. let's go to asia for the update. >> that upbeat pmi data failed to lift greater china markets. there is pessimism over general lack of policy and also fea
i think greece is probably too small to view. i think what really bothers me is spain which i think clearly bothers the whole market. the question, a growth going to fall off a cliff or whether it muddle through and a bailout will be sufficient. as you say, we don't know the answer to that question. that remains the tail risk. until we do get close to a resolution, i'm not going to turn massively bullish. >> what's your view on that? >> i think i go along very much with what he's...
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Dec 10, 2012
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we can have it all forever, like greece. >> we're not greece. and that's the whole point. neither is britain which is pretending its greece, and look where it's getting them. britain's not growing at all. >> would you do some stimulus? >> i probably would, yeah. >> what kind? >> there's a ton of infrastructure that needs to be done in this country. >> then do it. and borrow money -- >> it's free. we can borrow money for free for 30 years in real terms. the market is not telling the u.s. to tighten fiscal policy. it's telling the u.s. to borrow some money. >> can you make sure we only do things -- we're not going to fill high speed rail lines between cities no one wants to travel to? >> if you spend a billion dollars i can't guarantee that every last cent of it is going to be spent properly. >> how moan solyndras will be in that balance? >> only two. >> you have to deal with the issues that krugman never deals with. i love the explanation we should spend spend spend. what happens when interest rates rise? two is you're talking about trillion dollar deficits as far as the ey
we can have it all forever, like greece. >> we're not greece. and that's the whole point. neither is britain which is pretending its greece, and look where it's getting them. britain's not growing at all. >> would you do some stimulus? >> i probably would, yeah. >> what kind? >> there's a ton of infrastructure that needs to be done in this country. >> then do it. and borrow money -- >> it's free. we can borrow money for free for 30 years in real terms....
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Dec 3, 2012
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but we did move on greece. got a little bit of a boost preopen. and since then, frankly, the ism numbers have just been a real disappointment. and we are moving on that. here's the dow intraday. here's where we got the ism number. and you can see we have been drifting lower ever since then. and this really is a disappointment, this number. this is the first read we get on the overall economy every month here. and let me point out what's been going on here. the sectors have been risk off by enlarge so transports are notably week. materials and industrial. there is your risk off trade here today. i would point out, technology has been an upgrade over at goex and the overall technology sector, tough time in the hardware group doing better today. so there is an outlier in tech. as for the ism, what was going on here, really there was very little good news. take a look. the overall number, the headline number, lowest since july 2009. the employment component in this, lowest since september 2009. that's probably the second-most watched component of that
but we did move on greece. got a little bit of a boost preopen. and since then, frankly, the ism numbers have just been a real disappointment. and we are moving on that. here's the dow intraday. here's where we got the ism number. and you can see we have been drifting lower ever since then. and this really is a disappointment, this number. this is the first read we get on the overall economy every month here. and let me point out what's been going on here. the sectors have been risk off by...
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Dec 14, 2012
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the current top tax rate in greece is 45% for those earning more than 100,000 euros. finally, business sentiment in europe is slumping in part due to economic uncertainty ahead of this weekend's election. the bank of japan sentiment index dropping to minus 12 from minus 3 in the prior quarter. that was a bigger drop than economists were expecting. mr. kernen? >> all right. getting all these things. so you like he's like bloomberg? no 16 ounce -- >> guy runs -- >> you know. >> no 16 ounce anything over that in sugared drinks. comments, questions about anything you see here on "squawk," e-mail us at squawk @c in.com. you can also follow us on twitter @squawkcnbc. still to come this morning, john mcafee. in the flesh. well he won't be here but on camera. in his first interview since arriving back in the states. an interview you've got to see. plus. have you seen these? want to know how to use them? one of the new ways retailers are hoping to win over consumers. we're going to explain qr codes. the bar code guy died yesterday. can i help you? i heard you guys can ship gro
the current top tax rate in greece is 45% for those earning more than 100,000 euros. finally, business sentiment in europe is slumping in part due to economic uncertainty ahead of this weekend's election. the bank of japan sentiment index dropping to minus 12 from minus 3 in the prior quarter. that was a bigger drop than economists were expecting. mr. kernen? >> all right. getting all these things. so you like he's like bloomberg? no 16 ounce -- >> guy runs -- >> you know....
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Dec 11, 2012
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will go bankrupt and swallow the national budget driving us into great deficit, sending us towards greece and european decline. we all know and both parties recognize a resolution to medicare liabilities has to be part of a solution. >> give me one idea you would be ready to sign onto today that would significantly reduce medicare spending. >> we've already passed such a solution in the house. last year we passed legislation that would reform medicare. the budget paul ryan, chairman of the budget committee put forward, passed it to the house, senate hasn't passed a bunl in 1,000 days. we weren't able to get them engaged on that topic. that proposal able to bend the cost curve in medicare, put us toward the budget and preserve medicare exactly the way it is for current retirees. that's the balance you have to strike. that legislation struck a balance of 55 and above keeping medicare exactly the way it is and making changes for those in their 20s and 30s and 40s. most people i talk to in those groups understand we've got to reform medicare to save it and balance the federal budget. >> congr
will go bankrupt and swallow the national budget driving us into great deficit, sending us towards greece and european decline. we all know and both parties recognize a resolution to medicare liabilities has to be part of a solution. >> give me one idea you would be ready to sign onto today that would significantly reduce medicare spending. >> we've already passed such a solution in the house. last year we passed legislation that would reform medicare. the budget paul ryan, chairman...
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Dec 27, 2012
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seen lately because of fiscal cliff and the headlines from italy and spain and of course portugal and greece is not finished yet. >> right. >> so there's plenty of problems. we're going to return back to basics after the fiscal cliff. people will say, you know what, i do need some place to put my money. >> probably not in the backyard or under the pillow. thank you for joining us. brian. >>> meantime, big news from d.c. not on the fiscal cliff. it is that epa administrator lisa jackson is stepping down. her term really has been marked by battles over things like the keystone xl pipeline and coal fired power plants. just this month alone the epa has enacted rules that will cost businesses billions of dollars in regulation. that's why some may be saying good riddance. let's bring in robert costas. isn't that harsh? listen, you don't have to agree with her. she had her vision and she went for it. what's wrong with that? >> i think it's not harsh at all. this has been one of the most activist administrators in the obama administration. she comes in in 2009. immediately she gets to work on cap an
seen lately because of fiscal cliff and the headlines from italy and spain and of course portugal and greece is not finished yet. >> right. >> so there's plenty of problems. we're going to return back to basics after the fiscal cliff. people will say, you know what, i do need some place to put my money. >> probably not in the backyard or under the pillow. thank you for joining us. brian. >>> meantime, big news from d.c. not on the fiscal cliff. it is that epa...
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Dec 26, 2012
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no greece exit, no china hard landing and no u.s. slipping into a recession. therefore, the market has been able to lift. >> the last thing that may not happen is the fiscal cliff resolution, too. that could throw an iron in the fire. we've all got to be mindful of the possible debt downgrade. moody's and fitch are still at aaa and they have been rumbling they might take us down, and i think if s&p goes down a notch, mandy, that's not good for the market. >> the fact that these predictions did not come true i guess show that making predictions -- >> it shows the value of strategists. >> okay. >> it shows the value of vat jists. >> what are you predicting for 2013? >> i think you have to watch things in europe. the big day is the september 11th elections in germany and germany could be harder after the election. in the first half is the sent ceiling discussion and finally profits, personal income and production, if those can do better than the markets can lift but right now the view is for a nothing market from here till year end. once the seasonal increases go
no greece exit, no china hard landing and no u.s. slipping into a recession. therefore, the market has been able to lift. >> the last thing that may not happen is the fiscal cliff resolution, too. that could throw an iron in the fire. we've all got to be mindful of the possible debt downgrade. moody's and fitch are still at aaa and they have been rumbling they might take us down, and i think if s&p goes down a notch, mandy, that's not good for the market. >> the fact that these...
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Dec 3, 2012
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think the concern is the ism number weakened the market baltimore than the fiscal cliff propped up by greece. tech has not had a very good run recently. up today, dell got an upgrade at goldman. sharon talked about gold. it may be that gold has not done too bad this year but gold stocks are not outperforming. again today they are on the downside. this has been a year of buying gold, not so much buying gold stocks. really, you go back to 2004 when you could buy the gld for the first time, then you could suddenly have an alternative to owning gold stocks. before that, that was the only way you got the gold. >>> to the nasdaq now. seema mody is there folth big movers. >> we're flat on the day. one unusual mover, deckers outdoor is the maker of ugg boots. stern upgrading from buy to neutral citing new product offerings could help the company next year. the stock up 8%. apple also a bit higher by .6%. the company announced this morning thatle iphone phone will be available in south korea on december 7th with more than 50 additional countries being added in december including brazil, russia and ta
think the concern is the ism number weakened the market baltimore than the fiscal cliff propped up by greece. tech has not had a very good run recently. up today, dell got an upgrade at goldman. sharon talked about gold. it may be that gold has not done too bad this year but gold stocks are not outperforming. again today they are on the downside. this has been a year of buying gold, not so much buying gold stocks. really, you go back to 2004 when you could buy the gld for the first time, then...
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Dec 18, 2012
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if we keep this up, by the time we get to 2020, we're going to be in the shape greece is in with 152% of our gdp being locked into debt. we cannot sustain this. you have to begin to make some systematic across the board and detailed reductions in this spending discretionary and on the entitlement and you have to deal with the trust funds and treat them as trust funds, not as pass-throughs to the general fund. >> congresswoman, thank you very much. i know it's a busy day. >> it is. thank you. >> congresswoman blackburn. >>> steve liesman is working on this since late last night. at the very least, steve, it's high theater, wouldn't you agree? >> high theater and complex math, carl. what we want to do is concentrate on what i market really cares about. how far apart are the sides? unfortunately, it is so complicated we can only do one piece at a time. so we're only in this presentation going to talk about revenue, not spending. and i have to say, these are the best available numbers? are they the actual numbers? we have only run them by each side and they have said that they are not far
if we keep this up, by the time we get to 2020, we're going to be in the shape greece is in with 152% of our gdp being locked into debt. we cannot sustain this. you have to begin to make some systematic across the board and detailed reductions in this spending discretionary and on the entitlement and you have to deal with the trust funds and treat them as trust funds, not as pass-throughs to the general fund. >> congresswoman, thank you very much. i know it's a busy day. >> it is....
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Dec 3, 2012
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it almost feels like they're talking about greece. people don't want to pay their taxes in greece and here you have all these people in america that are starting to complain about paying taxes on dividends. we're really just reverting to the levels we should be at a few years ago. we're out of vacation. let's go back to paying our taxes on our dividend peps. >> really strange, though. if a company is doing things like this, does it entice the shareholders to say, i'm getting my dif dennes and i'm not going to sell right after because i'm not getting any dividends next year? >> some of these companies are even borrowing in the debt market to pay these special dividends, which i think is a wrong thing to do. and i also kind of look at some of them and i wonder, why are they doing this? it seems like they're putting it shareholder first over their own company. shouldn't they put the money back into their own company, hire people, grow organically? >> if it's dividends you were going to pay out, anyway -- i don't know. i'm arguing both si
it almost feels like they're talking about greece. people don't want to pay their taxes in greece and here you have all these people in america that are starting to complain about paying taxes on dividends. we're really just reverting to the levels we should be at a few years ago. we're out of vacation. let's go back to paying our taxes on our dividend peps. >> really strange, though. if a company is doing things like this, does it entice the shareholders to say, i'm getting my dif dennes...
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Dec 3, 2012
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we're becoming the greece of out-of-control spending. [ ♪ dramatic ♪ ] >> it in no way does that. >> stephanie: shut down that argument. the spending graphs of who -- >> nonsense. >> also, greece is falling apart because of the austerity programs implemented by the inf and the world bank. >> stephanie: we have references on that. they're wrong wrong wrong on everything. [ wah wah ] >> stephanie: i'm flabbergasted how wrong they are. 17 minutes arrive the hour. you know what else flabbergasts me? being able to carbonate soda in 90 seconds. >> my friend had a soda stream. i got to do it. it is amazing. >> did you karate chop? >> no but it is amazing seriously. >> stephanie: you're such a sad little man. >> i don't get out much! >> stephanie: new way to enjoy great-tasting soda made fresh at home. >> i'm flabbergasted. >> stephanie: flabbergasting how good it is with bourbon. you can make it fresh at home. everybody loves a soda stream. producer geeks kids, grad parents. -- grandparents. it is smart. transforms water into fresh fizzy soda. you saw how quick. there it goes. >> we needed
we're becoming the greece of out-of-control spending. [ ♪ dramatic ♪ ] >> it in no way does that. >> stephanie: shut down that argument. the spending graphs of who -- >> nonsense. >> also, greece is falling apart because of the austerity programs implemented by the inf and the world bank. >> stephanie: we have references on that. they're wrong wrong wrong on everything. [ wah wah ] >> stephanie: i'm flabbergasted how wrong they are. 17 minutes arrive the...
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Dec 18, 2012
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selling 1.3 billion euros in three-month t-bills for greece. the bid to cover ratio, 1.73%. this allocation did include a 30% noncompetitive tranche. in other central bank news, it's been quite a busy day on that front. the central bank says use the repo rate holing at this level in the coming year warning the recovery is taking its toll on the economy. >>> and in australia, the rba eps's decision to lower rates appears to find a close one. central banks included keeping the rates on hold. still, policymakers were more concerned by more than expected slowdown in mining and investment. and japan's prime minister elect has told the country's central bank to consider adopt ago 2% inflation target. shinzo abe made the claim today. the bank is expected to cut borrowing costs at its rate setting meeting this week. steven, in light of all of this news, kind of goes back to the point that we were just making, that are a lot of central banks trying to use interest rates effectively as a way to depress the value of their currency even though we're seeing better signs in terms of the g
selling 1.3 billion euros in three-month t-bills for greece. the bid to cover ratio, 1.73%. this allocation did include a 30% noncompetitive tranche. in other central bank news, it's been quite a busy day on that front. the central bank says use the repo rate holing at this level in the coming year warning the recovery is taking its toll on the economy. >>> and in australia, the rba eps's decision to lower rates appears to find a close one. central banks included keeping the rates on...
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Dec 6, 2012
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is it the in fact that greece may have had a selective default or is it our own backyard, or is it all of this above? there's a lot to talk about. the dollar index virtually unchanged and the big enchilada tomorrow with the jobless rate. >> we had a drop in claims of 24,000 in new jersey. 7,000 also in california, unrelated to sandy, 7,000 in new york as well. so this is -- let me tell you what happened. what happened is that we found out that we're not in a deeper hole than we thought we were in, but 370,000 is a little bit on the elevated side. >> did claims drop because people haven't been able to put them in yet? because if you look at the claims dropping in areas hit by sandy, is there still some -- >> unknowable. there's still some claims that need to come through, the best interpretation becky is that we're seeing the effects of sandy wash out on the claims and that's where i'm making the conclusion that we're at 370,000 which is sort of in the middle of that 350,000 range. more claims to say that the economy's doing fine at 350,000. there may still be some more in there. but we
is it the in fact that greece may have had a selective default or is it our own backyard, or is it all of this above? there's a lot to talk about. the dollar index virtually unchanged and the big enchilada tomorrow with the jobless rate. >> we had a drop in claims of 24,000 in new jersey. 7,000 also in california, unrelated to sandy, 7,000 in new york as well. so this is -- let me tell you what happened. what happened is that we found out that we're not in a deeper hole than we thought we...
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Dec 19, 2012
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again, here are some of the names to mention whether it's the national bank of greece. we saw these up in the range of better than 8% earlier. now in the range of 5% to 8%. again, if you look at the levels, you see we're snapping up from low valuations generally speaking. it doesn't take a lot at 63 cents to get an 8% move. >>> quick look over here if you want to take a shot of the wall behind me. it is green for the most part. and greece's borse is one adding 2% today. we're seeing that reflected across the bond space. portugal for example seeing ten-year yields falling. same for spain and italy. the boreses and footy 100, the xetra dax, this has been the outperformer up in the range of 30%. another .3% after the ifo out of germany. came in better than expected. again, a good sign for growth. not necessarily, though, for those who would like to see a weaker europe. the ibex 35 adding 1.3%. and the nikkei, as you mentioned, up above 10,000 for the first time in eight months. adding 2.4%. better hope the moves in the japanese government or bank of japan pan out. we'll ge
again, here are some of the names to mention whether it's the national bank of greece. we saw these up in the range of better than 8% earlier. now in the range of 5% to 8%. again, if you look at the levels, you see we're snapping up from low valuations generally speaking. it doesn't take a lot at 63 cents to get an 8% move. >>> quick look over here if you want to take a shot of the wall behind me. it is green for the most part. and greece's borse is one adding 2% today. we're seeing...
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Dec 20, 2012
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i think we can be a bit less worried about greece next year than we can be this year, for example, as well as in spain the government is considering a variety of reform efforts. indeed, despite the exchange in governments we had this year, it's the french deposit. when we look at it in aggregate, i think the tailwinds are starting to overcome the headwinds. the headwinds are still going to be there. the fiscal one is very important. there are still going to be risks on the european side. there's still the geopolitics which, of course, we can't ignore here. but in aggregate, i think those tailwinds are starting to get more traction and that's particularly becoming true in the u.s. housing market. >> what's interesting to that point is that we're coming to a year where even some of those concern are going away. central banks are starting to get extraordinarily accommodative. i wonder if their measures haven't been too back end loaded. certainly when you look at japan, it has pursued cycles earlier and had more impact. what about the sense ta whether it's the fed, whether it's the bank o
i think we can be a bit less worried about greece next year than we can be this year, for example, as well as in spain the government is considering a variety of reform efforts. indeed, despite the exchange in governments we had this year, it's the french deposit. when we look at it in aggregate, i think the tailwinds are starting to overcome the headwinds. the headwinds are still going to be there. the fiscal one is very important. there are still going to be risks on the european side....
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Dec 12, 2012
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. >> they can buy stuff and go back on vacation in greece and all that stuff. >> do we count -- i'm getting -- there's nothing like this to get the twitterers going wild. 1-1-1 is -- 1-1-2001 -- >> 2001? >> yeah. >> yeah? >> 2101. >> yeah? >> less than -- >> you got a zero in there. >> less than 100 years. >> but it's 1-1-1 -- >> but 01 you'd write it probably. >> you would want to get to ten 10-10-10. 10-10-2110. i had someone call me dummy and say -- >> you? >> yeah. said it's 988 years. then he called me a dummy. i tweeted back to the guy, i'm the dummy? i'm the dummy? 988 years? i'm the dummy? the fed is meeting today -- i admit it, i resemble that remark. you're with me, pal. the fed is meeting to discuss whether operation twist will expire at the end of the month. and jerry webman is here. >> i showed up. >> chief economist. >> and union member. >> a unionyist. >> honorary union member. so is leaseman actually. maybe you can -- >> the president -- >> maybe -- you probably with -- >> workers fly i guess. we are strong, solid, more than ever. >> you probably need protection. >> probably
. >> they can buy stuff and go back on vacation in greece and all that stuff. >> do we count -- i'm getting -- there's nothing like this to get the twitterers going wild. 1-1-1 is -- 1-1-2001 -- >> 2001? >> yeah. >> yeah? >> 2101. >> yeah? >> less than -- >> you got a zero in there. >> less than 100 years. >> but it's 1-1-1 -- >> but 01 you'd write it probably. >> you would want to get to ten 10-10-10. 10-10-2110. i...
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Dec 6, 2012
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. >> we know greece is done with because they've already restructured their debt and what they did in the last two weeks, which the germans said they should do, they should have done three years ago they'd be better off. spain is the immediate problem, you have 26% unemployment which is non-performing loans. >> we have to go, 2,200 pages of health care, i'm sure the notes spain's taken how greece has got money at every turn, their pile is a bigger pile than the health care plan. >> i could listen to you guys talk all day long. that was a great conversation. yra, rick, thanks so much. see you in a bit. >>> zynga stock popping. julia boorstin is live in l.a. with more. >> good morning to you, carl. this is the first of many steps before zynga can make money from online gambling. applying for a real money gaming license in nevada is a sign of zynga's seriousness creating new revenue streams. it sent it up as much as 9% higher today. the company warns it will take as much as a year and a half to get approval in nevada but the biggest step of all is a change in federal law, and if online g
. >> we know greece is done with because they've already restructured their debt and what they did in the last two weeks, which the germans said they should do, they should have done three years ago they'd be better off. spain is the immediate problem, you have 26% unemployment which is non-performing loans. >> we have to go, 2,200 pages of health care, i'm sure the notes spain's taken how greece has got money at every turn, their pile is a bigger pile than the health care plan....
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Dec 20, 2012
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. >> draco was a greek legislator, the first legislator of athens in ancient greece. and he replaced the prevailing system at the time of oral, law and blood feud by a written code of rules that could only be enforced by a court. the first court system. so the rules, because they were written, were hard to get around so they were draconian rules, which is where draconian -- draco. >> wasn't he in harry potter, too? >> he was also in harry potter. i don't know.was he? >> i think he was the bad kid growing up. >> and, anyway, with that out of the way and the world hurdling to an end tomorrow, still to come, if you want to know whether or not you should be optimistic about a fiscal cliff deal -- >> oh, draco malfoy. >> oh, yeah, the young bad kid? >> the blond kid. >> he was so good he was bad. check out the markets on any given day and we're going to do just that. tell what's happening with the fiscal cliff. [ penélope ] i found the best cafe in the world. nespresso. where i never have to compromise on anything. ♪ where just one touch creates the perfect coffee. wher
. >> draco was a greek legislator, the first legislator of athens in ancient greece. and he replaced the prevailing system at the time of oral, law and blood feud by a written code of rules that could only be enforced by a court. the first court system. so the rules, because they were written, were hard to get around so they were draconian rules, which is where draconian -- draco. >> wasn't he in harry potter, too? >> he was also in harry potter. i don't know.was he? >>...
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Dec 13, 2012
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this morning, they agreed finally on the disbursement of aid to greece. some says it removed uncertainty. other investors, not so sure. i wanted to show you the italian curve, italy and spanl wrapping up their fund-raising for the year. their auctions weren't all of that huge, but we are seeing yields fall, prices rise across the board as investors did show up. if we flip over to spain in particular, we can take a look at the three-year over here. a bid to cover ratio of 4.8%. one indication certainly of the kind of indications there are where the ecb is expected to be the most active if and when these countries have to access their bailout programs. now we're seeing prices in spain sell off a little bit. the ten-year, just under 5.4% is the level there. for the longer dated papers, investors are a little bit more wary. now, that news coming out of the euro group meeting, i wanted to show you the euro/dollar as we wrap up today's global market support. it's still down .1%, 1.3056. that would tell you that the resolution is largely priced in. now as focus
this morning, they agreed finally on the disbursement of aid to greece. some says it removed uncertainty. other investors, not so sure. i wanted to show you the italian curve, italy and spanl wrapping up their fund-raising for the year. their auctions weren't all of that huge, but we are seeing yields fall, prices rise across the board as investors did show up. if we flip over to spain in particular, we can take a look at the three-year over here. a bid to cover ratio of 4.8%. one indication...
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Dec 11, 2012
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greece is higher. por sh gal is higher. spain is higher. it's a good day for -- investor sentiment.strongly it was revealed today. optimism over what the fed is going to do in the united states tomorrow. optimism there will be a deal on the fiscal cliff. you have optimism that the recapitalization of the banks is going to be delayed by another year according to the bank of italy. and you have optimism as well on mar of election promises as we now face the pros wekt of a much earlier election in italy. to that end it is fascinating. sylvia berlusconi has come out today warning about the germano center of politics. in other words, too much of a focus on what is happening from germany and the austerity inspired by angela merkel. in particular, he is drawing attention to this. which is the spread of the extra that investors demand to hold italian bonds over german bonds. i've shown this to you a couple times. over the last year it's been a mainstay of a lot of the italian business broadcasts internally. they say our bonds are currently trading
greece is higher. por sh gal is higher. spain is higher. it's a good day for -- investor sentiment.strongly it was revealed today. optimism over what the fed is going to do in the united states tomorrow. optimism there will be a deal on the fiscal cliff. you have optimism that the recapitalization of the banks is going to be delayed by another year according to the bank of italy. and you have optimism as well on mar of election promises as we now face the pros wekt of a much earlier election in...
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Dec 17, 2012
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they basically said to me, hmm we're not concerned about greece. we're not concerned about the economy. why don't you have these put calls they're really almost for free. we bought puts so we didn't have a loss in that drawdown. then we listen again. and we didn't have to -- again, we don't have to be that smart. okay. we're not that smart. again, we get into the next time, and draghi is talking about this, that the other, talking about this put and boy he did. he gave away this put. people not listening to it. you know what we did when we heard about that? we got invested. and that worked too. then we got into this election and said boy doesn't look like the market is going to be happy about this election, because obama is going to win. whether or not that was right or wrong, and they're going toish concerned about the fiscal cliff. we took down our position again. now when the market went down again, we said, okay, what are we going to do now? hmm, they're giving away call puts. call premium now. call premium traded really cheap. what should we d
they basically said to me, hmm we're not concerned about greece. we're not concerned about the economy. why don't you have these put calls they're really almost for free. we bought puts so we didn't have a loss in that drawdown. then we listen again. and we didn't have to -- again, we don't have to be that smart. okay. we're not that smart. again, we get into the next time, and draghi is talking about this, that the other, talking about this put and boy he did. he gave away this put. people not...
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Dec 24, 2012
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debt ceiling -- that is when we'll have leverage to turn the country around, prevent it from becoming greece and save social security and medicare. >> as a practical matter no matter what congress and the white house do before the end of the year it is already too late for most employers to accurately withhold taxes from the january pay checks unless there is no change so workers will feel immediately for example that 2% hike in social security taxes in those first january pay checks. carl? >> i hate to work in an accounts payable department over the next couple weeks, hampton. it is going to be kind of nutty. thanks so much. hampton pearson in washington. procrastinators across the country are hitting the malls today to take advantage of the last-minute sales. find out which retailers are going to benefit the most. but first, rick santelli is working on something for a little later on. rick? >> and probably about a dozen minutes of course we'll come back and have a guest and who would be the perfect guest on a christmas eve where there is so much going on in the world of finance, politics,
debt ceiling -- that is when we'll have leverage to turn the country around, prevent it from becoming greece and save social security and medicare. >> as a practical matter no matter what congress and the white house do before the end of the year it is already too late for most employers to accurately withhold taxes from the january pay checks unless there is no change so workers will feel immediately for example that 2% hike in social security taxes in those first january pay checks....
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Dec 12, 2012
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now in brussels, a finance ministers' meeting is beginning, which they will say, look, greece, we will make up the half billion that you're short on the bond buy-back. a deal is a deal. and this month, 34 billion euros will flow from bailout funds into the greek banks to recapitalize them. more importantly perhaps, tomorrow we go into a full meeting of all 27 heads of state of the european union. germany is back down. looks like we have a deal on banking union. the ecb will supervise all banks presumably in the euro zone. that means the ecb will be able to directly tap into those bailout funds and recapitalize the banks, plugging in across the euro zone. this is hugely important in building those firewalls against contagion. the result of the stock market is that you continue to get gains. the top 50 blue chips in europe is the white line. the dow jones industrial average is the yellow. this is a chart since the results of the election. as we are mired in the fiscal cliff here, they've been able to make almost 4% gains on their top blue chips. meanwhile, also worth mentioning that, aft
now in brussels, a finance ministers' meeting is beginning, which they will say, look, greece, we will make up the half billion that you're short on the bond buy-back. a deal is a deal. and this month, 34 billion euros will flow from bailout funds into the greek banks to recapitalize them. more importantly perhaps, tomorrow we go into a full meeting of all 27 heads of state of the european union. germany is back down. looks like we have a deal on banking union. the ecb will supervise all banks...
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Dec 5, 2012
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bank participation is considered crucial for greece's efforts to resolve the financial problem. >>> and the european union has fined tv and computer monitor makers about $2 billion saying those companies fixed monitor tube prices for a decade which ended in 2006 talking about companies like philips, lg, and panasonic among the companies fined. philips, which was assessed the biggest chunk of the penalty says it will appeal the ruling. >>> and mortgage applications rose 4.5% last week according to new figures from the mortgage bankers association. most of the increase was accounted for by a rise in refinancing activity. >>> all right. the dollar hitting a six-week low on uncertainty about whether a budget deal would be reached. meantime, oil continues to trade below $90 a barrel. joining us this morning, chief market strategist at worldwide markets. also kevin book who is managing director at clear view energy partners. and joe, let's start off talking about the dollar. i can't make heads or tails of why the dollar is under so much pressure. i know things are bad here, we're worried abou
bank participation is considered crucial for greece's efforts to resolve the financial problem. >>> and the european union has fined tv and computer monitor makers about $2 billion saying those companies fixed monitor tube prices for a decade which ended in 2006 talking about companies like philips, lg, and panasonic among the companies fined. philips, which was assessed the biggest chunk of the penalty says it will appeal the ruling. >>> and mortgage applications rose 4.5%...
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Dec 13, 2012
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the eu finance ministers' plan to give money to greece, will the rally continue? todd gordon is with us aspen trading you. morning to you, todd. >> hey, simon. >> we have failed twice to get through 1.31 on the euro. where do we go from here? >> the fourth time we tried? the euro support and european finance ministers rather busy, appoint the ecb to head up a eu banking regulation which unfortunately you won't take effect until march 2014. the meantime we need to rely on esm for support. the other side, german finance minister wrote off the lower bank, congress that they approve a greek aid bailout. looks to be euro fairly support. >> interesting you argue that. in is the point here that the fed is accelerating on debasing you the dollars, that is why the euro rises? >> really interesting. that was the trade yesterday. the take away from the fed's statement. we reached a new high in qe 4, 85 billion a month, purchased and treasuries and mds that put the dollar to heel. overnight, reaction to the fed, overnight you can the dollar stayed very offered and i think des
the eu finance ministers' plan to give money to greece, will the rally continue? todd gordon is with us aspen trading you. morning to you, todd. >> hey, simon. >> we have failed twice to get through 1.31 on the euro. where do we go from here? >> the fourth time we tried? the euro support and european finance ministers rather busy, appoint the ecb to head up a eu banking regulation which unfortunately you won't take effect until march 2014. the meantime we need to rely on esm...
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Dec 24, 2012
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their debt to gdp approaches greece-like levels. and they went so far as to bond out their debt service. issuing bonds to pay their interest and that is just a true muni bond person. that is like a knife in the heart, pain. >> don't go anywhere. stick around for the rest of the hour. thank you for being here on this holiday. >> glad to be here. >> what are you looking at? >> nothing. >> the red. >> it's like orange on camera. >> it is a little orange. >> is this a holiday? you keep saying that. >> we've been doing all sorts of holiday things. really? >> so it is the holidays? >> yes, it is. >> i've got to get with it. anyway, coming up, how much you pay for something online could depend on where your computer is located. first, though -- >> i know. attention, boys and girls and santa fans everywhere. in a holiday tradition in north american air space defense demand or norad is ready to help you track the jolly old elf and his reindeer. the funniest line in vacation, the movie, christmas where they're at the dinner table and clark sa
their debt to gdp approaches greece-like levels. and they went so far as to bond out their debt service. issuing bonds to pay their interest and that is just a true muni bond person. that is like a knife in the heart, pain. >> don't go anywhere. stick around for the rest of the hour. thank you for being here on this holiday. >> glad to be here. >> what are you looking at? >> nothing. >> the red. >> it's like orange on camera. >> it is a little orange....